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November 01, 2012 at 10:31 AM
Is it clear to you how much an employee is actually paying to participate in a 401(k)? Research Magazine and AdvisorOne, in collaboration with Dalbar, will publish a ranking of retirement plan transparency in January. Financial advisors have until Nov. 14 to submit up to three different service provider disclosures, which Dalbar will analyze at no cost to those making the submission.
While retirement plan service providers are required to provide usable, accurate and complete information about how much compensation they are taking from plan participants, many are skilled at nevertheless burying that information in opaque disclosures and may be relying on DOL’s history of spotty enforcement.
“Many firms are doing nothing and hoping that nobody will come knocking at their door,” said Lou Harvey (left), chief executive of the Boston-based consulting firm Dalbar.